Polar Star Announces Increased Private Placement Financing

/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TSX-V: PSR

TORONTO, March 16, 2010 /CNW/ - Polar Star Mining Corporation ("Polar Star" or the "Company") announces that the previously announced $10,000,000 best efforts private placement of common shares of the Company (the "Common Shares"), at a price of $1.10 per Common Share (the "Offering") of March 2, 2010 has been increased by $3,500,000 to up to $13,500,000. The Offering is being made by a syndicate of agents led by Thomas Weisel Partners Canada Inc., and including Patersons Securities Ltd. and GMP Securities LP (the "Agents"). In addition, the Agents have notified the Company that they are exercising the option to sell an additional $1,500,000 of Common Shares at the offering price. Accordingly, including the exercise of the Agents' option, the Offering will be for an aggregate of $15,000,000.

The Common Shares will be offered by way of private placement exemptions in all the provinces of Canada, in the United States on a private placement basis pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, and in the United Kingdom and Australia pursuant to applicable exemptions.

The net proceeds of the Offering will be used to finance Chilean exploration programs and for general corporate purposes.

The Offering is scheduled to close on or about March 18, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements

This press release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual events or results could differ materially from the Company's expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as "anticipate", "will", "intend" and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Polar Star Mining Corporation's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.polarstarmining.com.

About Polar Star Mining Corporation

Polar Star Mining Corporation (TSXV: PSR) is an emerging exploration company with a focus on building value in Chile through discovery and development. The company has approximately 274,000 hectares prospective for gold, copper-gold, uranium, phosphate and lithium.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Share Capitalization

Shares Outstanding: 70,373,526 as of March 15, 2010, before the Offering. Upon completion of the offering the number of shares outstanding is expected to increase to 84,009,890.

For further information: David Speck, Vice President, Polar Star Mining Corporation, [phone], [email protected]